A series of buildings once owned by property developer John Miskelly are being bought by businessman Paddy Kearney, it is understood.

Mr Miskelly, who formerly owned the Ten Square Hotel in Belfast city centre, had several of his business loans taken over by Cerberus when it bought Northern Ireland’s increasingly controversial Nama loan portfolio.

Now, Paddy Kearney — who heads Kilmona Holdings — is taking over several properties once owned by Mr Miskelly.

That includes Ten Square, which Mr Kearney is currently revamping and extending.

Cerberus had previously put the hotel into administration, and also appointed receivers to other commercial properties in Belfast city centre.

It’s understood that a number of buildings, including Lancashire House, which will become part of Ten Square Hotel, and a development site on East Bridge Street, are now being sold to Mr Kearney.

And Mr Miskelly’s Londonderry House development on Chichester Street is also being sold on.

The deal was first alluded to during a meeting of Stormont’s Finance Committee late last month.